#VietnamCryptoPolicy O Vietnam is urgently implementing a comprehensive regulatory framework for cryptocurrencies and digital assets, focusing on balanced governance:

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⚖️ Current Situation: Legal Gray Area

• Cryptocurrencies are not allowed as legal tender, and their use as a means of payment is punishable by a fine of VND 150–200 million (~US$ 6.5k–8.7k).

• Still, buying, selling, and ownership are permitted, creating an intermediate scenario between legalization and prohibition.

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📅 Upcoming Regulatory Steps

• The Ministry of Finance, along with the Central Bank (SBV), must deliver by March 2025 a pilot project for regulation and licensing, including regulation for exchanges controlled via sandbox.

• By May 2025, the national decision to develop this legal framework as part of initiatives against money laundering and terrorism financing was approved.

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🧪 “Sandbox” Pilot and Exchanges

• The plan includes the creation of a regulatory sandbox allowing the operation of a pilot cryptocurrency exchange in financial centers, initially planned for March 2025, with official licensing.

• However, the Ministry of Finance warned that more studies are needed before setting a start date (the proposal was July 2026).